Basic net income per share measures the performance of an entity over the reporting period. Diluted net income per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding RSUs and PSUs.

The following table reflects the allocation of net income to common stockholders and net income per share computations for the periods indicated based on a weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding:


	Three Months Ended				Six Months Ended
(In thousands, except per share data)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Basic Net Income Per Share
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$	108,421	$	152,671	$	190,313	$	315,326
Denominator:
Basic weighted average common shares outstanding	166,210		173,131		166,268		174,840
Basic net income per share attributable to Liberty Energy Inc. stockholders	$	0.65	$	0.88	$	1.14	$	1.80
Diluted Net Income Per Share
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$	108,421	$	152,671	$	190,313	$	315,326
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	—		—		—		71
Diluted net income attributable to Liberty Energy Inc. stockholders	$	108,421	$	152,671	$	190,313	$	315,397
Denominator:
Basic weighted average shares outstanding	166,210		173,131		166,268		174,840
Effect of dilutive securities:
Restricted stock units	3,459		3,094		4,379		3,955
Class B Common Stock	—		—		—		42
Diluted weighted average shares outstanding	169,669		176,225		170,647		178,837
Diluted net income per share attributable to Liberty Energy Inc. stockholders	$	0.64	$	0.87	$	1.12	$	1.76